Montenegro calls second tender to sell property of KAP smelter

MOSCOW, Jan 20 (PRIME) -- The crisis management of bankrupt Montenegrin aluminum smelter Kombinat Aluminijuma Podgorica (KAP), which is 29.3% owned by Russian billionaire Oleg Deripaska’s En+ Group, announced a second tender to sell KAP’s property, according to documents published on KAP Web’s site, by RIA Novosti said on Monday.

The price was halved to 28 million euros from 52.469 million euros initially.

Bids for the tender are being accepted until February 17.

Four companies offered prices for parts of the property that were significantly below the starting price of the first tender.

After a meeting between the crisis management, creditors and a judge of the Commercial court, which considers bankruptcy cases, a bid by Montenegro’s Politropus Alternative, controlled by Ukrainian businessman Roman Denkovich was satisfied. The company offered 450,000 euros for a disposal area with red mud, as well as some immovable property.

KAP was declared bankrupt on October 9, 2013. It owes 148.4 million euros to Montenegro’s finance ministry, 50 million euros to CEAC, a subsidiary of Russian billionaire Oleg Deripaska’s En+ Group, 44.7 million euros to local electric power supplier Elektroprivreda, 43.3 million euros to En+ Group, and 25.8 million euros to Russian VTB Bank.

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